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Exit prep · November 2026

Here Are 12 People Who Could Replace Jensen Huang, and the Succession Planning for Small Business Lesson Nobody Talks About

By Enoch Sng, Managing Partner, Black Lotus Financial Group · Last updated November 12, 2026 · ~10 min

Satire

Satire, with real lessons. The jokes and the shortlist are ours. Unless we name a news outlet next to a candidate, nobody has reported that person is being considered, and none of them has said they want the job. The second relationship reported this week is an allegation reported by The New York Times, which Huang has not publicly confirmed.

A chess king surrounded by its pieces, a symbol of succession planning for small business and who steps up when the leader leaves.
Photo by konat umut budak, Pexels (free for commercial use)

Succession planning for small business means deciding, in writing and ahead of time, who runs the company if you can't, and getting that person ready before the day comes. This week Nvidia showed what happens when that plan lives in one person's head: a roughly $4 trillion company that named an interim CEO overnight and opened a search for a permanent one, after going into the week with no obvious successor.

Last time, we covered why key person risk is so expensive. This one is about the fix. So, in the spirit of helping, we drafted Nvidia a shortlist for the permanent job.

Who could replace Jensen Huang?

Nvidia has an interim CEO, and the permanent job is still open. On Nov 12, 2026, Nvidia announced that Jensen Huang resigned as President, CEO, and a member of the board, effective immediately. Colette Kress, the CFO, is interim CEO while remaining CFO. Harvey C. Jones was appointed the board's first-ever chair. The board is searching for a permanent CEO and will consider internal and external candidates. Nvidia will report third-quarter fiscal 2027 results on Tuesday, Nov 17.

Here's the short version of how we got here:

  • Sunday, Nov 8. Huang admitted to being unfaithful to his wife, in a memo to employees, and the board opened an independent investigation tied to reports that he was the target of a foreign intelligence effort.
  • Wednesday, Nov 11. The New York Times reported an alleged second relationship, and the Wall Street Journal reported the board was preparing to oust him. Shares fell about 8% after hours, and Reuters put this week's loss at about $600 billion in market value.
  • Thursday, Nov 12. Nvidia announced that Huang resigned, effective immediately, named Kress interim CEO while she remains CFO, appointed Harvey C. Jones as the board's first-ever chair, and opened a search for a permanent CEO.
  • What the rulebook says. Under Nvidia's bylaws, a majority of directors can remove the CEO "with or without cause." Nvidia has 11 directors, and all but Huang are considered independent.

Huang is 63, co-founded the company, and has led it for more than three decades. Reuters reports he has dozens of direct reports and "no obvious successor." Kress also gets Nvidia's quarterly results on Nov 17 as a welcome gift.

Who could replace Jensen Huang from inside Nvidia?

Our speculation, except where a news outlet is named. These inside names are now in the running for the permanent job, and one of them already has the interim chair.

  • Colette Kress, EVP and CFO since 2013, now also interim CEO. Nvidia appointed her interim CEO on Nov 12, while she remains CFO, and she is a candidate for the permanent job. Semafor had reported that some board members favored her as interim, and analysts quoted by Reuters called her the natural choice. Investors already know her voice from every earnings call. She'd be the first Nvidia CEO who has to explain the leather jacket budget.
  • Jay Puri, senior advisor (formerly EVP of Worldwide Field Operations). He ran Nvidia's global sales for 21 years, then retired from that role this year and handed it to Nick Parker, a Microsoft veteran, while staying on to advise. That may make him the only person at Nvidia with a finished succession plan this year. The board may want to ask how he did it.
  • Jonah Alben, SVP of GPU Engineering. He has been building Nvidia's chips since 1997. If the board wants a builder in charge, he knows where every transistor is buried.
  • Ian Buck, VP of Hyperscale and HPC. He's the architect behind CUDA, the software that keeps developers loyal to Nvidia. Making him CEO would be the most on-brand thing Nvidia could do.
  • Bill Dally, Chief Scientist and SVP of Research. Huge technical credibility and a Stanford professor's patience. He feels like a bridge pick, the steady hand while the search runs.
  • Chris Malachowsky, Nvidia co-founder. A BBC technology reporter named him as one possibility, since he's been at the company as long as Huang. The ultimate "we already have a guy" move.

Who could replace Jensen Huang from outside Nvidia?

Our speculation, except where a news outlet is named. The BBC's reporter expects any permanent replacement to come from outside, so here's our dream lineup.

  • Johny Srouji, Chief Hardware Officer at Apple. Semafor reports, citing a person familiar with the matter, that he is one person being considered for the top job. He also came up for Intel's CEO job in 2019, so he's used to being on these lists.
  • Lisa Su, Chair and CEO of AMD. The dream pick on paper and the least likely in real life. Asking the CEO of your biggest chip rival to switch teams is a bold recruiting strategy.
  • Pat Gelsinger, former Intel CEO, now a general partner at Playground Global. He has run a chip giant under a microscope before. He'd only need to clear his calendar of a few board seats.
  • Satya Nadella, Chairman and CEO of Microsoft. The long shot. He's the best culture reset in tech, and Microsoft is happy where he is, so call this one fan fiction.
  • Hock Tan, President and CEO of Broadcom since 2006. The margin-discipline pick. His own board already granted him an award to keep him through fiscal 2030, which is what succession planning looks like when the plan is "please don't leave."
  • C.C. Wei, Chairman and CEO of TSMC. TSMC makes Nvidia's most important chips, so nobody knows its supply chain better. He'd just be moving from the factory to the customer's corner office.

The shortlist, on one page

Candidate Current role (verified Nov 12) Why it works The catch
Colette Kress Interim CEO and CFO, Nvidia Already in the chair; Nvidia named her interim (Nvidia Newsroom); earlier favorite in Semafor reporting The permanent search is still open
Jay Puri Senior advisor, Nvidia Knows every big customer Just handed off his own job
Jonah Alben SVP, GPU Engineering, Nvidia Builder, here since 1997 Engineers rarely want the earnings call
Ian Buck VP, Hyperscale and HPC, Nvidia Built CUDA Big jump from VP to CEO
Bill Dally Chief Scientist and SVP of Research, Nvidia Credibility Feels like a bridge
Chris Malachowsky Co-founder, Nvidia Founder-level history (BBC) Has stayed out of the CEO role for 30+ years
Johny Srouji Chief Hardware Officer, Apple Reportedly being considered (Semafor) Apple would like a word
Lisa Su Chair and CEO, AMD Proven chip CEO Runs the rival
Pat Gelsinger General partner, Playground Global Has run a chip giant Already has a full plate of board seats
Satya Nadella Chairman and CEO, Microsoft Culture reset Fan fiction
Hock Tan President and CEO, Broadcom Margin discipline Signed up through fiscal 2030
C.C. Wei Chairman and CEO, TSMC Knows the supply chain Runs the factory everyone needs

Notice what every inside name has in common. None of them was publicly groomed to take over. That's the lesson for your business.

What is succession planning for small business, in plain English?

It's a written plan for who runs your business if you can't, for 2 weeks, for 3 months, or for good. It names the people, what they're allowed to sign, and what they need to learn now. A good plan covers a sudden exit (illness, accident, a bad headline) as well as a planned one (retiring or selling).

Most owners only think about the planned version, the retirement 10 years from now. Nvidia is the sudden version. Its board just did both in public: it named an interim CEO to keep the lights on, and it opened a search for the permanent one. Your plan should have the same two layers, decided while things are calm.

Who should take over my business if something happens to me?

Pick two people for two different jobs. Your interim is whoever can keep payroll, customers, and the bank running for 90 days. Your permanent successor is whoever could own the strategy, or the buyer you'd sell to. Sometimes it's the same person, but deciding both on purpose is the whole plan.

In a 10-person shop, the interim is often an operations lead, an office manager, or a co-owner. What they need is bank access, signing authority, the customer list, and the confidence to make a call without phoning you.

Here's how the Nvidia board's choice maps to yours:

  • The Kress move: your numbers person steps in. Works when your books are clean enough that someone else can read them.
  • The Alben move: your best operator steps in. Works when customers trust the work more than the founder.
  • The outside hire: you bring in a general manager or sell. Works when you've documented enough that a stranger can run it.

When should I start succession planning?

Now, and earlier than feels necessary. Many advisors suggest at least 3 to 5 years before a planned exit, but the sudden version can happen any week, so the 1-page interim plan should exist today. Most owners haven't started: in a 2026 Chase survey, 70% had early-stage or no formal plans.

That Chase survey of about 1,000 owners found 40% plan to retire within 10 years, and only 8% say they're fully prepared to hand off ownership. In Salt Lake City, 58% plan to retire within the decade. Owners who worked with an expert were far more likely to be past the early stages.

The biggest barriers owners named were time, competing priorities, and not knowing where to start. That last one is the easiest to fix.

How do I build a bench in a 10-person business?

Start with the jobs only you can do, then give each one a backup and a written how-to. Cross-train one person on money, one on customers, and one on operations. Give them real authority in small doses now, so a handoff later is a promotion instead of a rescue.

A 4-step bench plan:

  1. List what only you do. Approve payroll, sign checks, quote big jobs, call the top 10 customers. Be honest; most owners find 8 to 12 items.
  2. Name a backup for each. One person per item, with the logins and permissions set up in advance.
  3. Let them run it while you're around. Take a full week off this quarter and see what breaks. Each break is your next fix.
  4. Write the 1-page plan. Who steps in for 2 weeks, 3 months, and permanently. Store it with your will and your attorney, and review it every year.

Puri's handoff at Nvidia is the model, by the way. He announced he'd step back, a successor was named, and he stayed on as an advisor so the transition stayed smooth. That's a bench working.

Does a succession plan change what my business sells for?

Yes. Buyers pay more, and lenders say yes faster, when the business clearly runs without the owner. A written plan, a trained number two, and clean monthly books show a buyer the earnings will stay after you leave. Without them, expect a lower price or more of it tied to an earnout.

That's why "a business that runs without you" is one of the 9 non-negotiables before you sell your business. We covered how buyers discount owner-dependent companies in the key person risk post, and how to stress-test the rest of your business in doing business in uncertain times.

Your succession plan, on one page

What Nvidia did this week, and what's still open Your version, done this quarter
Named an interim CEO (Kress) Name your 90-day interim in writing
Opened a search for a permanent CEO Decide: internal successor, outside GM, or sale
Reassure investors before Nov 17 earnings Keep monthly books clean so a lender or buyer can read them without you
Work out who leads the technology roadmap Cross-train one person each on money, customers, and operations
Untangle dozens of direct reports Cut your direct reports so others can make decisions

Frequently asked questions

What are the 5 steps of succession planning?

Set your goal (retire, sell, or hand off to family or staff). Get a valuation so you know what the business is worth. Pick and train your interim and permanent successors. Put the legal and tax pieces in writing with an attorney and CPA. Then review the plan every year and after any big change.

Is a succession plan the same as an exit plan?

They overlap. An exit plan covers how you leave and get paid, usually through a sale. A succession plan covers who runs the business when you leave, planned or not. Most owners need both, and the succession piece makes the exit worth more.

Do I need a lawyer for a succession plan?

For the ownership pieces, yes. A buy-sell agreement, your will or trust, and any transfer to family or employees should be drafted by an attorney, with your CPA on the tax side. The 1-page interim plan (who steps in, what they can sign) you can write yourself this week.

Who will replace Jensen Huang?

Nvidia named Colette Kress, the CFO, as interim CEO on November 12, 2026, after Jensen Huang resigned, according to Nvidia. The board is searching for a permanent CEO and will consider internal and external candidates. Semafor had earlier reported that some directors favored Kress as interim. The permanent choice has not been announced.

Is your business ready for someone else to run it?

You don't need a board meeting at midnight to find out who your number two is. Bring your last 12 months of books and your list of things only you do. I'll show you where your bench is thin and which fix protects your value first. Book a 30-minute call in the next two weeks.

Learn more about our exit prep and advisory work, or see how our fractional CFO services keep the numbers ready for a successor, a lender, or a buyer.

About the author: Enoch Sng is Managing Partner of Black Lotus Financial Group. He started his finance career in 2019 in real estate private equity and later owned and operated one of the largest self-storage facilities in Utah. Today he helps small business owners with fractional CFO support, bookkeeping, cash flow, and exit prep.

Sources

Is your business ready for someone else to run it?

You don't need a board meeting at midnight to find out who your number two is. Bring your last 12 months of books and your list of things only you do. I'll show you where your bench is thin and which fix protects your value first. Book a 30-minute call in the next two weeks. Learn more about our exit prep and advisory work, or see how our fractional CFO services keep the numbers ready for a successor, a lender, or a buyer.

Book a 30-minute call